Hydrogen CEO shows confidence in restructuring

17th Sep 2014 15:51

The day after recruiter Hydrogen Group published interim results, chief executive Tim Smeaton dipped into the market to top up his holding with 35,000 ordinary shares at a price of 88p.The £30,800 purchase took Smeaton's beneficial interest in the company to just over 12%.Tuesday's results were not earth-shattering, being in-line with revised expectations, but were evidence that the restructuring carried out by management was coming through. Heavy investment towards the end of last year has been made across a number of newer disciplines and offices, with the cost base also realigned and expected to see greater impact in the second half.House broker Shore Capital said: "We are comforted that following the rapid action of management that the company is once again on the right track and coupled with activity levels beginning to pick up, we are relaxed on profitability estimates going forward. We think the valuation remains attractive relative to its peers."Elsewhere, Diana Hunter, the chief executive of franchised off-licence and convenience chain Conviviality Retail exercised options over 850,000 shares at the super-low price of 2.7p, and sold them all at 160p for a £1.34m profit.Shares in Conviviality fell 2.5% to 170.50p on the day as a result, standing roughly halfway between their year's high and low.Hunter, a former Sainburys and Waitrose executive, still holds an interest in 2.8m shares, representing 4.24% stake in the group.Top Director BuysHydrogen Group (HYDG) Director name: Mr Tim SmeatonAmount purchased: 35,000 @ 88.00p Value: £30,800Kalibrate Technologies (KLBT) Director name: Mr Neville DavisAmount purchased: 25,000 @ 122.10p Value: £30,525Charlemagne Capital Ltd. (CCAP) Director name: Ms Jayne A SutcliffeAmount purchased: 200,000 @ 14.50p Value: £29,000Intu Properties (INTU) Director name: Mr Richard GordonAmount purchased: 5,000 @ 334.00p Value: £16,700Top Director SellsConviviality Retail (CVR) Director name: Ms Diana HunterAmount sold: 850,000 @ 160.00p Value: £1,360,000Versarien (VRS) Director name: Mr Neill Gareth RickettsAmount sold: 750,000 @ 29.50p Value: £221,250Versarien (VRS) Director name: Mr Will BattrickAmount sold: 375,000 @ 29.50p Value: £110,625